The khadi industry in India is expected to cross Rs 10,000 crore turnover in the next five years, Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said on Thursday

The target for this year is set at Rs 5,000 crore, he told IANS.

"In a time when the world is moving towards automation, khadi is one of the few handcrafted products. In the future, the only khadi will survive and nothing else," Saxena said at the Lakme Fashion Week Winter/Festive edition being held here.

The Day 3 of the week-long fashion event was dedicated to sustainable fashion where designers showcased their collection made out of sustainable fabrics. Three designers namely Anuj Bhutani, Pallavi Dhyani and Gaurav Khanijo collaborated with KVIC to create sustainable fashion wears that were showcased on the ramp.

Saxena said that the khadi industry has seen an average growth of 28 per cent in the last four years as compared to the growth rate of 6.18 per cent in 2004-2014.

"Cloth mills are producing 12,000 metres in a day but khadi which is handspun is produced only 12 metres. Despite that, from Rs 889 crore turnover in 2004-2014, we have reached Rs 3,215 crore turnover in just four years. There has also been a change in the production pattern. Till 2014, the total production of khadi was 103. 66 million square metres but in four years we have jumped 70 per cent," he told IANS.

To protect khadi which is a "heritage" of India, many designers have come on board and joined the movement, he said, which will make the industry thrive in future. Expanding the colour palette, westernizing the cuts, and creating new trends in itself, the Khadi fabric has transcended itself as a sustainable fabric of the Future, he said.

"Khadi has become a stylish narrative that is now popularly embraced by designers. A versatile fashion fabric, khadi has been used as a tool to navigate India through its hard-won independence.

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Shares of SRF Ltd surged 13% on Tuesday after the company impressed with a better-than-expected June quarter performance

Revenue growth, though, slowed to 9% year-on-year in the quarter, tracking the deceleration in its technical textiles business. But better profitability at its packing-films business saw operating profits rise to a decent 13%. Profit after tax was up 41%.

Revenues and operating profits at the technical textiles division dropped, reflecting the slowdown in the automobile industry. Operating profit at the chemicals division, which has been a growth driver, was flat due to a manufacturing plant closure.

However, the packing-films business saw a 50% jump in operating profit, which benefited from higher sales of value-added products. Both gross and operating profit margins expanded, driving net earnings.

Further, the outlook for two key business segments, packing films and technical textiles, is clouded by overcapacity and demand slowdown. Capacity additions in the packing-films business can disturb the demand-supply equilibrium in the short term, warned SRF. Prospects for technical textiles have been constrained by the economic slowdown and low demand from the automobile industry.

Still, overpowering these concerns are opportunities in the chemicals business. The fluorochemicals segment is seeing steady growth. The company developed a new refrigerant, which it plans to sell under its brand. It launched sales of branded Floron refrigerant products in South Africa in addition to Thailand and India, SRF said in a presentation to investors.

The outlook for speciality chemicals is encouraging. A slowdown in global agrochemicals notwithstanding, the company is seeing good demand for its flagship products. It launched two intermediaries in the agro segment and two molecules in the pharma segment. Similar to fluorochemicals, the focus here, too, is on market expansion through product launches.

Pharma is also seeing good growth. Changing weather patterns and resultant slowdown in some regions are headwinds for the agrochemicals business, though.

SRF and other Indian companies are benefiting from the ongoing diversification by global firms, which is resulting in slack in procurement from China. Indian companies, including SRF, are making timely investments to capture this demand. Chemical manufacturers, such as PI Industries Ltd, maintained its double-digit growth forecast for FY20 despite subdued demand trends in the domestic market.

Meanwhile, Tuesday’s gains in the SRF stock come on top of the 43% increase over the past year. The stock now trades at 19 times FY20 and 15 times FY21 earnings per share estimates. Still, this is not particularly inexpensive

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At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980

The final hour recovery helped the Nifty to close around 11,000 level and Sensex above 37,000 after remained under immense selling pressure throughout the day.

At close, the Sensex was down 462.80 points at 37,018.32, while Nifty was down 138 points at 10,980. About 830 shares have advanced, 1587 shares declined, and 147 shares are unchanged. 

Vedanta, JSW Steel, Hindalco Industries, SBI and Tata Motors were among major losers on the Nifty, while gainers were Wipro, Bharti Infratel, Maruti Suzuki, Reliance Industries and Power Grid Corp.

Among sectors, except energy all other indices ended on weak note led by the metal (down 3 percent), PSU bank (down 2 percent), IT (down 1.8 percent) followed by infra, pharma and FMCG.

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Mahindra & Mahindra (M&M) reported a decline of 16% year-on-year (YoY) in its total domestic wholesales to 37,434 units in July, as the economic downturn continues to hurt the auto industry

The company’s passenger vehicle wholesales fell 15% YoY to 16,831 units during the month, while commercial vehicle sales declined 17% to 15,969 units. The drop in wholesale numbers hint at more production cuts, which automakers have been undertaking to manage unsold inventory.

The company had reported a decline of 2% YoY and 9.4% YoY in passenger vehicles and commercial vehicles, respectively, in the first quarter of the current fiscal, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

For M&M, the bigger decline in CV sales came from subdued sales in the light commercial vehicle (LCV) category, where the Bolero range of light trucks-- under 3.5 ton--dominates. It reported total domestic sales of LCVs, below 3.5 tons, at 14,874 units in July, down 16% YoY.

The fall in demand for LCVs is a clear indication that small and medium enterprises (SMEs) have also been hit.

The medium and heavy commercial vehicle (M&HCV) category, which primarily reflects the economic health of sectors such as transportation and infrastructure, has reported a drop of 52% from 866 units sold in July last year to 417 units last month.

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The rupee has opened at the lowest level since June 27

The Indian rupee slipped in the early trade on Thursday. It has opened lower by 41 paise at 69.20 per dollar versus previous close 68.79.

The rupee has opened at the lowest level since June 27.

On July 31 the rupee has recovered from the lows and finished 6 paise higher at 68.79 against the US dollar ahead of the outcome of US Federal Reserve meeting.

The dollar-rupee August contract on the NSE was at 68.98 in the previous session. Open interest declined 9.84% in the previous session, reported ICICIdirect.

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Gold futures were trading higher during the morning trade in the domestic market on Tuesday as speculators built up fresh positions in domestic markets. 

Gold prices dipped on Tuesday as the dollar rose to a two-month high, while investors awaited the outcome of a two-day U.S. Federal Reserve policy meeting expected to result in a cut in interest rates.

Analysts said the rise in gold prices was mostly on the back of 34938.00 fresh positions built up by the participants. 

At the MCX, gold futures for August 2019 contract is trading at Rs 34730.00 per 10 grams, up by 0.06 per cent, after opening at Rs 34704.00, against a previous close of Rs 34709.0. It touched the intra-day high of Rs 34773.00

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Time schedule for completion of the work shall be 330 calendar days after commencement date of the contract.

Mcnally Bharat Engineering shares rose 4.6 percent intraday Thursday after company won an order worth Rs 46.70 crore.

It has touched a 52-week low of Rs 2.30.

The company received one order from SGTORE Company, a Hong Kong based company, relating to work of design and engineering, supply of equipment, two years spare parts, three months consumables on EPS basis worth Rs 46,70,58,418.

The scope of work of the contract include implementation of first phase of an out door lead and zinc floatation plant project for production of 170,000 metric tons of zinc concentrate with zinc Grade of 55% and 54,000 metric tons of lead concentrate with lead grade of 60%.

Time schedule for completion of the work shall be 330 calendar days after commencement date of the contract.

At 12:10 hrs Mcnally Bharat Engineering was quoting at Rs 2.49, up Rs 0.11, or 4.62 percent on the BSE.

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The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

Share price of Canara Bank shed 4 percent intraday on July 25 as research house Morgan Stanley remained underweight on stock with a target of Rs 220 per share.

The company reported weaker PPoP and asset quality in Q1FY20, while company's Q1FY20 PAT is Rs 300 crore against estimate of Rs 600 crore, said Morgan Stanley.

Lower margins and sequential rise in slippages are the key negatives, while higher fees and lower than expected other operating expenses are the key positives.

The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

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The share touched its 52-week high Rs 99.90 and 52-week low Rs 58.65 on 01 April, 2019 and 01 October, 2018, respectively.

Share price of Punjab National Bank (PNB) rose 2.2 percent intraday July 26 as company approved to raise capital worth Rs 5000 crore.

A meeting of the board of directors granted approval for raising equity capital amounting up to Rs 5000 crore in one or more tranches through qualified institutional placements (QIP)/ follow-on public offer(FPO)/rights issue.

At 09:56 hrs Punjab National Bank was quoting at Rs 67.20, up Rs 1.15, or 1.74 percent on the BSE.

The share touched its 52-week high Rs 99.90 and 52-week low Rs 58.65 on 01 April, 2019 and 01 October, 2018, respectively.

Currently, it is trading 32.68 percent below its 52-week high and 14.66 percent above its 52-week low.

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The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

Share price of Canara Bank shed 4 percent intraday on July 25 as research house Morgan Stanley remained underweight on stock with a target of Rs 220 per share.

The company reported weaker PPoP and asset quality in Q1FY20, while company's Q1FY20 PAT is Rs 300 crore against estimate of Rs 600 crore, said Morgan Stanley.

Lower margins and sequential rise in slippages are the key negatives, while higher fees and lower than expected other operating expenses are the key positives.

The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

However, net interest income in June quarter fell 16.6 percent to Rs 3,240.1 crore year-on-year but loan growth was 12 percent at Rs 4.32 lakh crore YoY while deposits grew 14.5 percent to Rs 6.1 lakh crore YoY.

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The top gainers from NSE include Cipla, Bharti Infratel, IndusInd Bank, Bajaj Auto and UltraTech Cement while the top losers are Coal India, Tata Motors, Indian Oil Corporation, Mahindra & Mahindra and JSW Steel.

After five days of continuous fall, the Indian stock market is trading in the green with Nifty up 52 points at 11,323 while the Sensex added 188 points and is trading at 38,035 level.

A 10:50 hrs, Nifty Pharma is the outperforming sector, up over a percent led by Cipla, Lupin, Divis Labs, Sun Pharma, Dr Reddy's Labs, Glenmark Pharma, Cadila Healthcare and Aurobindo Pharma.

Bank Nifty is also trading in the green, the top gainers are IndusInd Bank, HDFC Bank, IDFC First Bank and Axis Bank. However, PNB, RBL Bank and YES Bank are trading in the red.

From the FMCG space, the top gainers are United Breweries, Britannia Industries, Jubilant Foodworks, Tata Global Beverage, Hindustan Unilever and Marico.

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Thermax | L&T Infotech | Hatsun Agro | Rallis India | Sasken Technologies | Sterlite Technologies and Cyient are stocks which are in the news today.

Here are stocks that are in the news today:

Results on July 19: Reliance Industries, RBL Bank, Dabur India, L&T Finance Holdings, InterGlobe Aviation, Bandhan Bank, L&T Technology Services, ICICI Lombard General Insurance Company, Bhageria Industries, Hindustan Zinc, Dhanuka Agritech, Mahindra CIE Automotive, JM Financial, Phillips Carbon Black, Indbank Merchant Banking Services, Tokyo Plast International

ACC Q2: Profit grows 39.5 percent to Rs 455.7 crore versus Rs 326.7 crore, revenue increases 7.8 percent to Rs 4,149.8 crore versus Rs 3,848.3 crore YoY.

Cyient Q1: Profit falls 48.8 percent to Rs 90.5 crore versus Rs 176.6 crore, revenue dips 6.4 percent to Rs 1,089 crore versus Rs 1,162.9 crore, dollar revenue declines 5.2 percent to $156.6 million versus $165.2 million QoQ.

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Customer franchise as of June 2019 stood at approximately 36.9 million, which was quite higher compared to 28.3 million in the same period last year

Shares of Bajaj Finance rallied 6 percent intraday on July 9 after the company reported the highest loan growth in the last 11 quarters. The stock had fallen 8 percent on July 8.

The stock was quoting at Rs 3,614.25, up Rs 199.50, or 5.84 percent on the BSE at 1210 hours IST.

As per the provisional data, the non-banking finance company said it booked 7.3 million new loans during the quarter ended June 2019 against 5.6 million in same period last year. In Q1, the company acquired 2.5 million new customers, it added.

Bajaj Finance further said its assets under management (AUM) stood at approximately Rs 1.29 lakh crore as of June 2019, increasing significantly by 41.3 percent compared to Rs 91,287 crore as of June 2018 and 11.3 percent compared to Rs 1,15,888 crore at the end of March 2019.

Customer franchise as of June 2019 stood at approximately 36.9 million, which was quite higher compared to 28.3 million in the same period last year.

Bajaj Finserv was also trading higher at Rs 7,911.20, up 4.27 percent. It had shed 10 percent in the previous session after Sanjiv Bajaj, Managing Director told CNBC-TV18 that as the economy is slowing down, Bajaj Finance has seen slower growth in Q1FY20.

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NLC India | BHEL | Container Corporation | Manpasand Beverages | Autoline Industries and TCS are stocks which are in the news today.

Here are stocks that are in the news today:

Results on July 10: GTPL Hathway, Himachal Futuristic Communications

TCS Q1: Profit grows 0.1 percent to Rs 8,131 crore versus Rs 8,126 crore, revenue increases 0.4 percent to Rs 38,172 crore versus Rs 38,010 crore; dollar revenue rises 1.6 percent to $5,485 million versus $5,397 million QoQ.

Manpasand Beverages: Mehra Goel & Co resigned as statutory auditors due to probe into company by GST authorities.

KRBL: ICRA revised rating on company's banking limits on long term scale to AA- from AA (Stable).

InterGlobe Aviation: Rakesh Gangwal (one of the promoters of company with total holding of 23.1 percent) wrote letter to SEBI seeking its intervention on his alleged grievances. SEBI asked company to gives its response to Rakesh Gangwal's letter by July 19.

SBI: Bank has reduced its MCLR by 5 bps across all tenors with 1 year MCLR coming down from 8.45 percent per annum to 8.40 percent.

Anik Industries: CARE revised rating on company's long term bank facilities to C (issuer not cooperating) from B+/Stable (issuer not cooperating), on account of deterioration in its liquidity due to cash loss reported in FY19 and almost full utilisation of working capital limits.

Garware Synthetics: Ramesh Chandorkar resigned as director of the company.

Nava Bharat Ventures: CRISIL has reaffirmed credit ratings for bank loan facilities of the company at A with stable outlook.

BHEL: An agreement has been signed between company and Container Corporation of India to form Joint Working Group to establish rail based logistics terminal at Haridwar.

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HSBC maintained buy call on the stock with a target price at Rs 205, implying 64 percent potential upside from current levels.

Aster DM Healthcare shares rallied 4 percent intraday on July 3 after global investment firm HSBC said the stock trades at a steep discount to global emerging markets' (GEM) peers.

"Company trades at over 40 percent discount to GEM peers despite a strong profile. We maintained buy call on the stock with a target price at Rs 205, implying 64 percent potential upside from current levels," the brokerage said.

Its presence across segments supported revenue and margin gains in the Middle East, and growing presence in large cities should support margin in India, HSBC added.

The brokerage said both Middle East & Indian Operations are moving ahead as planned.

The stock was quoting at Rs 128.10, up to Rs 3.10, or 2.48 percent on the BSE at 1027 hours IST.

Aster DM Healthcare covers the full spectrum of healthcare services. An expansive portfolio includes hospitals, clinic, diagnostic centre and retail pharmacies.

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Nomura expects 11 percent truck and bus radial (TBR) tyres growth and 5-6 percent growth in passenger/2-wheelers tyres in FY20.

Ceat shares fell 2.5 percent intraday on July 2 after Japanese brokerage house Nomura maintained 'reduce' call on the stock and cut target price by 16.6 percent on slower growth.

"We cut price target to Rs 817 from Rs 980 per share earlier," the brokerage said, adding the expansion in competitive and capital intensive segments will impact return on capital employed and weak original equipment demand will impact the industry in the near term.

Nomura expects 11 percent truck and bus radial (TBR) tyres growth and 5-6 percent growth in passenger/2-wheelers tyres in FY20.

"We do not see impact from additional duties of 9-17 percent on TBR imports from China," said the brokerage that expects Ceat to deliver 9/10 percent volume growth in FY20/21.

"We see rising margin headwinds from the adverse product mix and hence cut margin estimates by 30/60 bps to 9.1 /9.2 percent for FY20/21," Nomura said.

The stock plunged 28 percent in last one year. It was quoting at Rs 905.50, down Rs 21.40, or 2.31 percent on the BSE at 1056 hours IST.

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Mirabegron is indicated for the treatment of Overactive Bladder (GAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency.

The share price of Lupin rose more than 3 percent in the early trade on June 28 after the company received tentative approval for its Mirabegron Extended Release (ER) Tablets.

The company has received tentative approval for its Mirabegron Extended Release (ER) Tablets, 25 mg and 50 mg, from the United States Food and Drug Administration (FDA), to market a generic version of Myrbetriq Extended Release Tablets, 25 mg and 50 mg, of Astellas Pharma Global Development Inc, company said in press release.

Mirabegron is indicated for the treatment of Overactive Bladder (GAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency.

Mirabegron ER Tablets 25 mg and 50 mg had annual sales of approximately USD 1501.6 mn in the US, it added.

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Company's current portfolio consists of 157 products authorized for distribution in the US marketplace and 58 ANDA’s pending approval with the USFDA.

Shares of Glenmark Pharma gained 2 percent in the early trade on July 28 after the company received USFDA approval for Ezetimibe and Simvastatin Tablets.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Ezetimibe and Simvastatin Tablets, 10 mg/10 mg, 10 mg/20 mg, 10 mg/40 mg, and 10 mg/80 mg, a generic version of Vytorin 1 Tablets, 10 mg/10 mg, 10 mg/20 mg, 10 mg/40 mg, and 10 mg/80 mg, of MSD International GmbH, as per BSE release.

Company's current portfolio consists of 157 products authorized for distribution in the US marketplace and 58 ANDA’s pending approval with the USFDA.

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

At 09:24 hrs Glenmark Pharma was quoting at Rs 455.00, up to Rs 6.65, or 1.48 percent on the BSE.

The share touched its 52-week high Rs 711.55 and 52-week low Rs 446.80 on 10 September 2018 and 27 June 2019, respectively.

Currently, it is trading 36.06 percent below its 52-week high and 1.84 percent above its 52-week low.

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Trends on SGX Nifty indicate a positive opening for the broader indices in India.

Market Opens: It is flat to a positive start for the benchmark indices for the first day of the July series with Nifty around 11,850.

At 09:16 hrs IST, the Sensex is up 66.54 points at 39652.95, while Nifty is up 26.80 points at 11868.30. About 360 shares have advanced, 216 shares declined, and 22 shares are unchanged. 

IOB, Tech Mahindra, Wipro, Dr Reddy’s Lab, Sun Pharma, UPL and Britannia Industries are among major gainers on the indices in the early trade, while losers are Bank of Baroda, ICICI Bank, Zee Entertainment, Titan, Bharti Airtel, Cox & Kings and Suzlon Energy.

All the sectoral indices are trading marginally higher led by the pharma, IT, FMCG and energy.

Asian markets trade higher: Share markets in Asia edged higher early on Friday morning as investors clung on to hopes that a highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping this weekend could lead to an easing of trade tensions.

Market at pre-open: Indian indices are trading higher in the pre-opening session.

At 09:01 hrs IST, the Sensex is up 105.38 points or 0.27% at 39691.79, and the Nifty up 25.50 points or 0.22% at 11867.

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Considering the slowdown in many sectors and keeping in mind the liquidity crisis in the NBFC space, it is imperative for RBI to take more monetary steps.

Over the longer term, Sensex has the potential to reach 50,000 anywhere in the third year of Modi's second tenure, said Rusmik Oza, Head of Fundamentals, Kotak Securities in an interview to Moneycontrol's Sunil Shankar Matkar.

Edited excerpts:

Q: Considering the volatility in the market, what is your advice to investors and traders? 

A: Nifty will remain volatile from here till budget. If Nifty goes to 12,000, it will be trading around 19x Fw PE, which is closer to its previous peak in terms of valuations.

It is ideal to buy July Nifty Puts to hedge the portfolio or protect any potential downside if the Budget disappoints. We are slightly concerned about the upcoming earnings season that could disappoint and lead to lowering of full-year estimates.

Over the longer term, Sensex has the potential to reach 50,000 anywhere in the third year of Modi's second tenure.

Q: NBFCs have been struggling for several months now. What would be better - holding the stocks if you own any, staying away or switching to banks?

A: We are positive only on the larger NBFCs, which have strong parentage. Most of the smaller NBFCs having higher exposure to builder financing could face difficult times in future. Funding for most NBFCs is still a challenge that will lead to slower business and a hit on margins.

It is wise to stay invested only in larger NBFCs with stronger parentage and good technology backbone. We would strongly recommend moving out from richly valued NBFCs and smaller NBFCs to corporate banks (as recoveries could lead to a big spike in profitability).

Q: What are your top six ideas for someone who wants to build a portfolio? 

A: We like SBI and ICICI Bank as profits could rise in multiples rather in percentage in the next two years. This will lead to return on equity moving to or beyond 15 percent, which will lead to re-rating in their valuations.

We like L&T as it is one of the few companies that have the capability to take and execute large ticket size orders. L&T trades at reasonable valuations of 21x on forwarding PE.

In the NBFC space, we like M&M Financial as we expect earnings to grow at a CAGR of around 18 percent in the next two years. It trades around 2.1x on FY20E Book Value.

In the mid-cap space, we recommend NCC in the construction space because of a strong order book and reasonable valuations.

Himatsingka Seide is another midcap we like as it trades cheap at 8x forward PE with 15 percent return on equity profile.

Sectors to avoid are cement, consumer staples, smaller NBFCs, technology, oil & gas and metals.

Q: From a policy standpoint, is more rate cuts only way to address the slowdown in consumption and economy?

a: We feel RBI has more room to provide monetary stimulus by way of further rates cuts. Considering the slowdown being witnessed in many sectors and keeping in mind the liquidity crisis in the NBFC space, it is imperative for RBI to take more monetary steps.

We see less room for fiscal stimulus as government spending is already on the higher side and managing Fiscal Deficit is also important.

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